Build Back Better Act?
On Monday, Sen. Manchin (D-WV) spoke to President Biden regarding the reconciliation package (Build Back Better Act). No final decisions were made, but the two will continue to discuss a way forward. Sen. Manchin did not rule out the possibility of a vote by the end of the calendar year, saying “anything’s possible.” He has growing concerns about rising U.S. debt and soaring consumer prices, after a Friday economic report showed inflation hit the highest annual rate in four decades. In the interim, the Senate continues to review the reconciliation package for compliance with the Byrd rule. For example, Senate Environment and Public Works Chair Carper said negotiations revolve around whether they can craft a methane reduction approach that addresses concerns from small oil and gas operators that do not emit massive quantities of methane, but could be hit hard by the fees. The Congressional Budget Office (CBO) released new cost estimates on the legislation, requested by the Republicans, and that found if most programs in the package were made permanent, they would increase federal deficits by $3 trillion over 10 years. Democrats have acknowledged wanting to extend the life of many programs in the bill, but they have said that the costs of any future spending would be offset with new revenue or savings.